A disgruntled Bellamy's Australia shareholder group linked to Jan Cameron is standing by the embattled company's chief executive and chairman for now, but is looking to spill the board with the help of rich Tasmanian families.

Kathmandu founder and former BRW Rich Lister Jan Cameron, says she, along with the Bellamy's biggest shareholder, Black Prince Private Foundation, represent a larger group looking to roll the board.

It is speculated that Ms Cameron has an interest in Bellamy's via Black Prince, which she denied to The Australian Financial Review.

"I don't have any connection to the Black Prince Foundation. But we are part of a group that represents about 35 per cent of the share register," Ms Cameron told the Financial Review.

A Jan Cameron-backed group is looking to dump Bellamy's directors.
Nic Walker

Ms Cameron said she felt that some directors didn't have enough "skin the the game", making them less motivated, and that a new board would do a better job running the company.

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"The requisitioning shareholder believes the company will only be truly accountable and responsive to market needs in the hands of a new board," she said.

Ms Cameron, who said she has a personal stake of about 2 per cent in Bellamy's, said her group is also backed by one of the baby food maker's biggest shareholders and initial investor, the family company of BRW Rich Lister Bruce Neill. Mr Neill did not return calls from the Financial Review. She said fellow initial Bellamy's investor, Graeme Cureton, also backs her.

According to a company announcement, the Singapore-based Black Prince has a stake of 14.48 per cent and is seeking to dump four non-executive directors including former Billabong CEO Launa Inman, Patria Mann, Michael Wadley and Charles Sitch. Bellamy's chairman Rob Woolley is not a target.

"I was on the board when Bellamy's floated and I live in Tassie, so I've always had a special interest in the company," Ms Cameron added.

"We thought for the sake of continuity and corporate knowledge that Rob Woolley should stay on in a temporary capacity. He would stay on until we found an appropriate chairman."

However, Ms Cameron continued to back CEO Laura McBain.

"Right as the moment she is the best one to run the company and steer it out of this situation. She still owns 1 million shares and she's got options ... she has every incentive to make this work," she said.

Mr Woolley said the proposal is not in best interests of all shareholders, calling it an "unwanted distraction for the board".

"The depth of experience and independence that the current non-excutive team directors bring to the board will assist to delver long term value to shareholders," Mr Woolley said in a statement to the ASX.

"If the proposal were to succeed, it would be disruptive to the company."

Ms Cameron added this is not about her personal reputation, and she offered to help fund the company and an anticipated shortfall in cash flow over coming months as a result of the recent surprising downgrades to projections in sales.

"I'm beyond thinking about my reputation. I'm reputation free and willing to do what it takes to make [Bellamy's] work.The company has a bright future and that's why Im keen to go back on the board and push it along," she said.

Bellamy's stock remains in suspension until January 13 when it will make an anticipated announcement about it's future.